First of all, Real Estate Development is typically different from construction in that development will re-lease buildings and land rather than construct from ground up. That being said, it takes imagination to see visions of what used to be one thing and make it more profitable into something else. Let’s face it, unless a business goes out because the owner passed away, chances are the business either moved to cheaper or better location or the business failed.
As a Developer, it’s in your bottom line’s best interest to see the business succeed. Ever re-set requires more of your money to convert the building to the new owner’s specifications, repainting, and repairs. This costs money each time. That’s Developing in a nutshell. The real question is, what marketing can you do to promote results and grow a bigger profit?
People are busy! This means their free time hours are not necessarily the same as yours. You need to have material available to them for when THEY are ready to receive it. Start with newspapers and the local freebie shopper guides. The newspaper is something people read all hours of the day. While the local shopper screams sales and good prices, hence, drawing more crowds to your ad.
Here’s a fresh approach. Invite investors that you know are looking for space to a gala in an empty space you are trying to lease. Gather pictures of potential businesses that could be going in. If you have a pulse on what each customer is looking for, then make sure you bring a picture of an existing business (generic picture, of course, or drawing). Make sure the pictures are big and hang them from the ceilings against the walls. Bring a few standing bistro tables and have hors d’oeuvres. The standing room only makes the clients linger, the amount of people applies the slightest of pressure to act now before someone else grabs it.
Following the theme of knowing what your clients need, send potential drawings and a list of places you think might work and WHY they’d work. For instance, price point, new business coming in that will create foot traffic, new renovations, big parking lot, etc. Anything that will peek their interest. The idea is to get them to call you. Then make a day of taking them to see places that may work.
There are a number of ways you can market Real Estate Development. Unlike contractor’s you get the opportunity to glam-it-up and get creative, so do so! Get creative! Advertise, through events, send mailers and get to know what your clients really are looking for in a location.
Roman Temkin is a real estate developer who loves to share his insights in real estate development with aspiring developers.